Luckin Coffee To Pay $180M To Settle SEC Fraud Claims
Law360 (December 16, 2020, 5:25 PM EST) -- Luckin Coffee Inc. agreed Wednesday to pay $180 million to resolve allegations from the U.S. Securities and Exchange Commission that the China-based coffee chain defrauded investors by misstating revenues, expenses and net operating losses.
Luckin "intentionally fabricated" more than $300 million in retail sales thorough schemes that created false sales transactions between at least April 2019 through January 2020, according to the SEC complaint filed Wednesday in the U.S. District Court for the Southern District of New York.
Certain executive officers and senior managers attempted to "conceal" the fraud by inflating the company's expenses by more than $190 million, creating a...
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